It’s hard to
miss DeLisle Worrell when he enters a room. The governor of the
Central Bank of Barbados (CBB) is a striking but calming
presence – exactly what is needed in a small but
stable island economy emerging with a new sense of purpose
after a few relatively lean years. His chosen attire, which
includes a perfectly ironed Nehru-style shirt, points to his
humility; his broad, knowing grin to a charm that sets visitors
immediately at ease.

His cool demeanour hides
the fact that it has been a tough few years for probably the
region’s most diverse and well-run island state.
Barbados has been here before, knocked back several times by
recessions, notably in the early 1990s. But the recent
financial crisis felt different: Barbados hit its low point in
2009, as the two industries that buttress its economy, tourism
and international business and financial services, both took a
pounding.

That Barbados has been
able to emerge from the shadows stronger and more economically
diverse, while retaining the political, structural and social
stability that define it in the eyes of the investing world, is
testament to the resolve of the Barbadian people. It also
points to the extraordinary determination and intellectual
elasticity of the island’s leading financial and
political figures, including Worrell, who has led the CBB since
November 2009.

He previously worked as
deputy governor between 1990 and 1998, before joining first the
International Monetary Fund, where he served as an advisor in
the Monetary and Exchange Affairs Department, then the
Caribbean Centre for Money and Finance. Since rejoining the
central bank as governor, he has helped stabilize the economy
following the dark days of the financial crisis.

The economy has posted
modest growth figures since 2009. Worrell has succeeded in
keeping prices low and the debt burden manageable, while
shoring up foreign exchange reserves and boosting revenues in
sectors from transport and distribution to financial services
to agriculture - no small feat for a small, natural
resource-poor island economy.

Product sells
itselfWorrell clearly enjoys his life and his job. Asked
whether he is an optimist or a pessimist about the future of
the Barbadian economy, he smiles and spreads his hands wide.
"I’m cautiously optimistic," he says.
"I’m a big believer in the product selling itself.
Look around you. We’re blessed with our physical
environment, with our beaches, with all the great things that
make living and working here wonderful. We have a strategy that
works for us – we have built on our reputation and our
competitive strengths. And we have excellent physical and
social infrastructure – great roads, telecoms services
and utilities, along with the best education and healthcare
systems in the region."

Dr. Delisle Worrell, Governor,
Central Bank of Barbados

And rather than panic at the height of the financial crisis,
the island’s political, social and business
leaders did what they’ve done since independence
in 1966: they sat down very calmly, took a deep collective
breath and, recognizing the changing nature of the world,
mapped out a new future.

At first glance and in
many ways this future looks remarkably like the past.
Barbados’s economy remains heavily dependent on
the twin engines of tourism and international business
services, two sectors that often intersect. The island is home
to hundreds of global institutional investors and corporations,
all looking for ways to minimize their tax spend (and finding
them) thanks to the island’s double-taxation
agreements with 33 nations, including the United States and
stretching from Canada to China, Sweden to Switzerland, and
Britain to Bahrain.

Directors of these firms
and funds flock here throughout the year, but most notably in
the winter months, to hold board meetings, to talk to their
lawyers, accountants, auditors and business partners, to check
up on their savings plans, and to channel capital parked
profitably in Barbados into new local, regional and global
investments and jurisdictions.

More often than not, they
bring their wives, husbands and families along for the ride, to
enjoy a spot of rest, recreation and respite from chilly North
American and European winters. "There’s a big
overlap between international business and tourism," notes
Worrell. "A lot of people who come here also live here, boast a
significant investment portfolio on the island and often own
second homes."

And renewed moves are
afoot to boost the number of business and leisure visitors,
with the central bank just one of many government departments
and agencies seeking to squeeze greater returns out of an
industry vital to the island’s future. "The keys
to boosting revenues in the tourism sector are increased
productivity, improved quality of service and enrichment of the
product," says Worrell.

Targeting the
messageThis also means marketing Barbados more efficiently,
targeting its message to the right leisure and corporate
traveller. Thus, rather than flooding foreign TV networks or
advertising hoardings with entreaties to visit the island,
authorities are focusing their attentions on wealthier areas of
North America, Britain and, increasingly, East Asia and Latin
America.

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